Cryptocurrency News

KiwiSaver Retirement Growth Management Invests Its 5% Money In Bitcoin.

New Zealand Funds Management Ltd. [NZ Funds]’s KiwiSaver growth fund invests around 5% of its money in Bitcoin [BTC, +4.30%], consistent with a report by native media outlet Stuff.

The KiwiSaver Growth Strategy Fund, which had NZ$350 Mln [US$244 Mln] in assets at the end of last year in December, began investing in cryptocurrency in October, consistent with a firm product disclosure document.

The fund’s chief investment officer, James Grigor, told the outlet he expects competitors to imitate over subsequent five years, adding, “If you’re happy to take a position in gold, you can’t really discount bitcoin.”

The fund falls under the auspices of the national KiwiSaver program founded by the New Zealand Labour Party earlier in 2007. The retirement savings scheme is analogous to a 401(k) within the United States and Superannuation in Australia, which permits access to a user’s savings only after he or she reaches a particular age.

The fund manager’s move represents a drop by the bucket, compared with the $66.5 Bln [US$46.3 Bln] marketplace for assets presently under management by providers throughout the state, consistent with data from Morningstar.

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